Parliament has voted on a number of reforms, including a cap on ‘excessive’ fees retailers pay banks to process card payments (0.2 per cent for debit cards and 0.3 per cent for credit cards) as well as removing rules which force retailers to accept all cards regardless of cost.
The BRC said that the Parliament’s decision will benefit both small businesses ‘who have been paying the highest fees’ and consumers.
Furthermore, a reduction in fees will create capital to invest in the consumer offer, said the BRC.
Helen Dickinson, director general of the BRC, said: “This is important and positive vote by European politicians. Retailers welcome a clear message that the time for change has come.
“This sends a strong signal to Council and the UK Government to support a more competitive payments system for the benefit of businesses and consumers.”